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Mexico has overtaken Brazil in the race to lead the Latin American financial technology market, with the country adding as many as 80 startups to its fintech ecosystem in the last 10 months.

Mexico’s fintech market has grown more than 50%, according to a study by tech startup accelerator Finnovista. The emergence of 80 new firms takes the total number of fintech startups in Mexico to 238, surpassing Brazil’s 230 startups.

The rapid digitization in sectors such as insurance, banking, and business management is fueling the market, with increased private consumption, remittance from workers in neighboring United States, and low inflation contributing to the growth.

Many of these startups are capitalizing on the demand for loans, with the financial segment growing 60% in the past year. About 35 fintech startups have been found in the business finance management segment, which grew 75% since the last time Finnovista studied Mexico’s fintech market.

Although fintech firms are spread across many major cities, 71% of them list Mexico City as their place of origin.

As for fundraising, 62% of startups said they were looking for investors, with 63% claiming that they received third-party financing.

There are more than 700 fintech startups in Latin America, and the sector accounts for 25% of venture capital investment in the region’s high-tech industry, according to a similar study Finnovista conducted in alliance with the Inter-American Development Bank (IDB).